Quayle Shoe Store uses the retail inventory method for its two departments, Women's Shoes and Men's Shoes. The following information for each department is obtained.
Women's Department Men's Department
Beginning inventory at cost $34,900 $49,860
Cost of goods purchased at cost 148,260 136,600
Net sales 180,010 185,290
Beginning inventory at retail 48,590 65,050
Cost of goods purchased at retail 183,630 185,790
Instructions
Compute the estimated cost of the ending inventory for each department under the retail inventory method.